OPC Guarantees Clause Samples
The "OPC Guarantees" clause sets out the specific assurances or commitments made by the Owner’s Project Consultant (OPC) regarding their performance, services, or deliverables under the contract. Typically, this clause outlines the standards the OPC must meet, such as compliance with applicable laws, professional standards, or project specifications, and may include guarantees about the accuracy of their work or the timeliness of their services. By clearly defining these guarantees, the clause helps ensure accountability and provides the client with recourse if the OPC fails to meet the agreed-upon standards, thereby reducing the risk of disputes and ensuring project quality.
OPC Guarantees. CRC acknowledges that in the course of conduct of the CRC Business, OPC and members of the OPC Group may have entered into various arrangements in which guarantees, bonds, letters of credit or similar arrangements were issued or arranged by OPC or members of the OPC Group to support or facilitate the CRC Business. Any such arrangements entered into by OPC and its Affiliates are, to the extent related to the CRC Business, hereinafter referred to as the “OPC Guarantees.” Except as otherwise agreed by OPC and CRC, CRC agrees that it will use its commercially reasonable efforts to obtain or provide replacement guarantees, bonds, letters of credit or similar arrangements, which will be in effect at the Distribution Date, and obtain the release of OPC and members of the OPC Group from any OPC Guarantees in accordance with Section 5.11. On a quarterly basis and upon any specific request by OPC, CRC shall provide OPC a listing of outstanding OPC Guarantees and the then current status with respect to the replacement or cancellation of such OPC Guarantees and other relevant information with respect thereto that OPC reasonably requests.